R&G Removes CFO

R&G Financial Corp., San Juan, Puerto Rico, has announced that Joseph R. Sandoval, its executive vice president and chief financial officer, has been removed from those positions and placed on an indefinite leave of absence by the company's board of directors.R&G Financial, the holding company for two banks and R&G Mortgage Corp., also reported that Vicente Gregorio has been named senior vice president and CFO. The company said it had recently notified the Securities and Exchange Commission that it would be unable to file its second-quarter 10-Q form on a timely basis because of its efforts to restate audited consolidated financial statements for 2002, 2003, and 2004. As a result, R&G Financial was notified by the NASDAQ Stock Market that this represented an additional delinquency with respect to the company's four classes of preferred securities listed on the market. The company's new CFO, Mr. Gregorio, was most recently chairman of VRC Business Services Inc., a collection company he founded in 2002. R&G Financial can be found online at http://www.rgonline.com.